This Volatility Derivative Could Have Printed A Huge 'Tell'

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Chart 1: SVXY has failed to keep up with the market by an extremely large amount! Why? Please see the proposed potential answer: (wave 'v' down could be about to unfold at the enclosing degree shown)

Chart 2: Current ES set up: (after 'D' leg down, should move up to 'E')

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